Recently, the Reserve Bank of India (RBI) released guidelines to regulate payment aggregators (PAs) and payment gateways (PGs). The guidelines mandate PAs to obtain authorisation from the RBI, obligate settlement of payment to merchant in a defined transaction time, segregate e-commerce marketplaces from the PA entities and prescribe minimum net worth requirements of INR 250m. Existing PAs are required to apply for authorisation by 30 June 2021.
The guideline prescribes detailed technology and operational guidelines for PAs such as merchant onboarding, data sovereignty, customer data access, audit obligations, etc. Baseline technology-related security recommendations have also been recommended for optional adoption by PGs.
The key highlights of the guidelines are summarised in this Regulatory Insight.
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